30th Jun 2014 11:15
LONDON (Alliance News) - Frontier Mining Ltd Monday said its pretax loss narrowed in 2013 as revenues almost doubled on the first shipment of copper from its Benkala plant but it continues to struggle for financing.
The Kazakhstan-focused copper production, exploration and development company said its pretax loss narrowed to USD5.4 million from USD9.5 million the previous year as revenues almost doubled to USD10.4 million from USD5.4 million.
The company said its revenues increased as the company provided its first shipment of 1,702 tonnes of copper cathode during the first-half of 2013, achieving an average sales price of USD7,034 per tonne.
Frontier Mining also said its finance costs reduced due to capitalisation of interest on loans for exploration activities and the company received certain cash payments from the sale of wagons and other assets.
The company faced certain financial issues during the period which meant it could not produce its desired volumes of copper, and it sold its Naimanjal licence area.
It said that it now intends to focus on stabilising its operations at the Benkala plant and it continues to search for a new strategic or financial investor to help with its financial issues.
Frontier Mining shares were down 8.9% to 0.911 pence on Monday.
By Tom McIvor; [email protected]; @TomMcIvor1
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